Telefonica says trying to appease Brazil regulatory concerns

MADRID, July 31 Thu Jul 31, 2014 9:23am EDT

MADRID, July 31 (Reuters) - Telefonica's recent reorganisation of its stake in Telecom Italia is aimed at showing Brazilian telecoms regulator Cade that it has no control over the Italian group's local unit Tim Participacoes , an executive said on Thursday.

Telefonica controls Vivo, Brazil's leading mobile operator, and is the biggest shareholder in Telecom Italia , which owns Vivo's rival TIM, a situation which Cade has asked the Spanish group to remedy by next year. (Reporting by Julien Toyer; Editing by Tracy Rucinski)

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